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RESTRICTED CASH AND INVESTMENTS | 3 Months Ended
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Mar. 29, 2020
Restricted Cash and Investments [Abstract] |
RESTRICTED CASH AND INVESTMENTS | RESTRICTED CASH AND INVESTMENTS The following is a summary of the carrying value of our restricted cash and investments:
(in thousands) | March 29, 2020 | December 29, 2019
Cash collateral held by insurance carriers | $ | 24,684 |  | $ | 24,612 |
Cash and cash equivalents held in Trust | 26,641 |  | 23,681 |
Investments held in Trust | 142,761 |  | 149,373 |
Deferred compensation investments | 11,546 |  | 13,670 |
Company owned life insurance policies | 10,284 |  | 13,126 |
Other restricted cash and cash equivalents | 2,991 |  | 6,470 |
Total restricted cash and investments | $ | 218,907 |  | $ | 230,932 |
Held-to-maturity Restricted cash and investments include collateral that has been provided or pledged to insurance carriers for workers’ compensation and state workers’ compensation programs. Our insurance carriers and certain state workers’ compensation programs require us to collateralize a portion of our workers’ compensation obligation. The collateral typically takes the form of cash and cash equivalents and highly rated investment grade securities, primarily in debt and asset-backed securities. The majority of our collateral obligations are held in a trust at the Bank of New York Mellon (“Trust”). The amortized cost and estimated fair value of our held-to-maturity investments held in Trust, aggregated by investment category as of March 29, 2020 and December 29, 2019, were as follows:
| March 29, 2020
(in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value
Municipal debt securities | $ | 71,124 |  | $ | 1,969 |  | $ | — |  | $ | 73,093 |
Corporate debt securities | 69,539 |  | 908 |  | (311 | ) | 70,136 |
Agency mortgage-backed securities | 1,116 |  | 39 |  | — |  | 1,155 |
U.S. government and agency securities | 1,000 |  | 68 |  | — |  | 1,068 |
Total held-to-maturity investments | $ | 142,779 |  | $ | 2,984 |  | $ | (311 | ) | $ | 145,452 |
| December 29, 2019
(in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value
Municipal debt securities | $ | 72,017 |  | $ | 2,219 |  | $ | — |  | $ | 74,236 |
Corporate debt securities | 75,000 |  | 1,102 |  | (34 | ) | 76,068 |
Agency mortgage-backed securities | 1,357 |  | 21 |  | (2 | ) | 1,376 |
U.S. government and agency securities | 999 |  | 52 |  | — |  | 1,051 |
Total held-to-maturity investments | $ | 149,373 |  | $ | 3,394 |  | $ | (36 | ) | $ | 152,731 |
The estimated fair value and gross unrealized losses of all investments classified as held-to-maturity, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 29, 2020 and December 29, 2019, were as follows:
| March 29, 2020
| Less than 12 months |  | 12 months or more |  | Total
(in thousands) | Estimated fair value | Unrealized losses |  | Estimated fair value | Unrealized losses |  | Estimated fair value | Unrealized losses
Corporate debt securities | $ | 23,488 |  | $ | (311 | ) |  | $ | — |  | $ | — |  |  | $ | 23,488 |  | $ | (311 | )
Total held-to-maturity investments | $ | 23,488 |  | $ | (311 | ) |  | $ | — |  | $ | — |  |  | $ | 23,488 |  | $ | (311 | )
| December 29, 2019
| Less than 12 months |  | 12 months or more |  | Total
(in thousands) | Estimated fair value | Unrealized losses |  | Estimated fair value | Unrealized losses |  | Estimated fair value | Unrealized losses
Corporate debt securities | $ | 15,920 |  | $ | (32 | ) |  | $ | 2,765 |  | $ | (2 | ) |  | $ | 18,685 |  | $ | (34 | )
Agency mortgage-backed securities | — |  | — |  |  | 276 |  | (2 | ) |  | 276 |  | (2 | )
Total held-to-maturity investments | $ | 15,920 |  | $ | (32 | ) |  | $ | 3,041 |  | $ | (4 | ) |  | $ | 18,961 |  | $ | (36 | )
The total number of held-to-maturity securities in an unrealized loss position as of March 29, 2020 and December 29, 2019 were 16 and 17, respectively. The unrealized losses were the result of net interest rate increases over the maturity of the respective securities. Since the decline in estimated fair value is attributable to changes in interest rates and not credit quality, and the company has the intent and ability to hold these debt securities until recovery of amortized cost or until maturity, we do not consider these investments other than temporarily impaired. The amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows:
| March 29, 2020
(in thousands) | Amortized cost | Fair value
Due in one year or less | $ | 26,080 |  | $ | 26,145 |
Due after one year through five years | 88,541 |  | 90,049 |
Due after five years through ten years | 28,158 |  | 29,258 |
Total held-to-maturity investments | $ | 142,779 |  | $ | 145,452 |
Actual maturities may differ from contractual maturities because the issuers of certain debt securities have the right to call or prepay their obligations without penalty. We have no significant concentrations of counterparties in our held-to-maturity investment portfolio. Equity investments We hold mutual funds and money market funds to support our deferred compensation liability. Unrealized gains and losses related to equity investments still held at March 29, 2020 and March 31, 2019, totaled a $2.9 million loss and a $2.4 million gain for the thirteen weeks then ended, respectively, and are included in SG&A expense on the Consolidated Statements of Operations and Comprehensive Income (Loss).

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